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Stagwell Inc. (STGW) Announces Pricing of Additional Offering of Senior Notes

PR Newswire

NEW YORK, Aug. 25, 2021 /PRNewswire/ — (NASDAQ:STGW) — Stagwell Inc. (“Stagwell”) today announced the pricing of the offering (the “Add-On Offering”) by its subsidiary, Midas OpCo Holdings LLC (the “Issuer”), of an additional $100 million of the Issuer’s 5.625% senior unsecured notes due 2029 (the “New Notes”). The Issuer previously issued $1 billion of its 5.625% senior unsecured notes due 2029 on August 20, 2021 (the “Original Notes”). The New Notes were priced on August 25, 2021 at a price of 100.00% of the principal amount. The New Notes will be issued under the indenture governing the Original Notes and will be treated as a single series with the Original Notes for all purposes under the indenture. The New Notes will have the same terms as the Original Notes, other than with respect to certain terms, including the date of issuance. The precise timing, size and terms of the Add-On Offering are subject to market conditions and other factors. No assurance can be made that the Add-On Offering will be consummated on its proposed terms or at all.

The Issuer intends to use the net proceeds from the Add-On Offering to reduce credit facility borrowings and for general corporate purposes. The New Notes will be guaranteed by all of Stagwell’s domestic subsidiaries that guarantee the Original Notes.

The New Notes and the related note guarantees are being offered in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in accordance with Regulation S under the Securities Act. The New Notes and the related note guarantees have not been, and will not be, registered under the Securities Act or any state securities laws. The New Notes and the related note guarantees may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Notes or any other security and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. Any offers of the New Notes are being made only by means of a private offering circular. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

About Stagwell Inc.

Stagwell is the challenger holding company built to transform marketing. Stagwell delivers scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing.  Led by entrepreneurs, Stagwell’s 12,000+ specialists in 30+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients.

Forward-Looking Statements

This communication may contain certain forward-looking statements (collectively, “forward-looking statements”) within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Exchange Act and the United States Private Securities Litigation Reform Act of 1995, as amended. Statements in this document that are not historical facts, including statements about Stagwell’s beliefs and expectations and recent business and economic trends, constitute forward-looking statements. Words such as “estimate,” “project,” “target,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “create,” “intend,” “could,” “should,” “would,” “may,” “foresee,” “plan,” “will,” “guidance,” “look,” “outlook,” “future,” “assume,” “forecast,” “focus,” “continue,” or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors. Such forward-looking statements may include, but are not limited to, statements related to future financial performance and the future prospects of the business and operations of Stagwell. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement, including the risks identified in our filings with the Securities Exchange Commission (the “SEC”).

These forward-looking statements are subject to various risks and uncertainties, many of which are outside Stagwell’s control. Important factors that could cause actual results and expectations to differ materially from those indicated by such forward-looking statements include, without limitation, the risks and uncertainties set forth under the caption “Risk Factors” in Stagwell’s Annual Report on Form 10-K for the year-ended December 31, 2020 under Item 1A and under the caption “Risk Factors” in Stagwell’s Quarterly Report on Form 10-Q for the quarter-ended June 30, 2021 under Item 1A. Unless required by law, Stagwell undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

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SOURCE Stagwell Inc.

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VAALCO Announces Binding Letter of Intent for FSO at Etame

HOUSTON, Aug. 25, 2021 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or the “Company”) today announced that its affiliate VAALCO Gabon, SA (“VAALCO Gabon”) has signed a binding letter of intent (“LOI”) with World Carrier Offshore Services Corp. (“World Carrier”) to provide and operate a Floating Storage and Offloading (“FSO”) unit at VAALCO’s Etame Marin field offshore Gabon for up to eight years with additional option periods available upon the expiration of the current Floating Production, Storage and Offloading (“FPSO”) contract in September 2022. The non-binding LOI with Omni Offshore Terminals Pte Ltd, which VAALCO announced in April of this year, expired without any mutually agreeable contract being reached.

Key Highlights

  • Signed a binding LOI with World Carrier to enter into a Bareboat Contract and Operating Agreement to provide and operate the Cap Diamant, a double-hull crude tanker built in 2001, as an FSO;
    • The Bareboat Contract and Operating Agreement will become effective upon approval from the Etame joint owners which is expected by early September 2021;
  • Compared to the current FPSO solution:
    • Reduces storage and offloading costs almost 50%;
    • Lowers total operating costs at Etame by approximately 17% to 20% through 2030;
    • Increases effective capacity for storage by over 50%, allowing for greater operational and lifting flexibility and a material reduction in per barrel lifting costs;
    • Expected to lead to an extension of the economic field life, resulting in a corresponding increase in recovery and reserves at Etame;
  • Requires a prepayment of $2 million gross ($1.3 million net) in 2021 and $5 million gross ($3.2 million net) in 2022 of which $6 million will be recovered against future rentals; and
  • Forecasting capital costs including field reconfiguration and the 2021/2022 drilling program to be funded with cash from operations and cash on hand.

George Maxwell, VAALCO’s Chief Executive Officer, commented, “We are very pleased to finalize an agreement with World Carrier that will allow us to sustain our operational excellence and robust financial performance at Etame through 2030. Additionally, this new solution costs almost 50% less than the current FPSO solution and will reduce our overall costs by approximately 17% to 20%. Current total field level capital conversion estimates are $40 to $50 million gross ($26 to $32 million net to VAALCO) spread across 2021 and 2022. This capital investment is projected to save approximately $20 to $25 million gross per year ($13 to $16 million net to VAALCO) in operational costs through 2030, giving the project a very attractive payback period of only two to two and a half years.

It is clear this is a very economical solution for VAALCO and should help us to enhance the profitability of our flagship asset at Etame and materially increase stakeholder returns. We expect to have the FSO in place and operating in September 2022 prior to when our current FPSO contract expires. We will continue to maximize the value opportunities for our shareholders and look forward to beginning our next drilling campaign at Etame later this year.”

Further Details

VAALCO has studied several alternatives regarding the expiration of the contract on its current FPSO in September 2022. The proposed development approach utilizing an FSO with all processing on existing platforms aligns with VAALCO’s ongoing strategy to reduce operating costs and extend field life. This is particularly attractive due to the potential for meaningful ongoing operating cost reductions over its term compared with the current FPSO arrangement and other options analyzed, as well as removing both the risk of life extension costs on the existing vessel.

Once the field is reconfigured, the agreement with World Carrier to convert and operate the Cap Diamant is expected to lead to annual operating expense savings of around $20 to $25 million gross ($13 to $16 million net to VAALCO) over the life of the new agreement, resulting in a fast payback of its invested capital and enhanced margins going forward. These savings are achieved due to a more simplified processing system that avoids duplication of processing on the platforms and again on the FSO. This change is expected to reduce or eliminate the need for ongoing life extension costs, in addition to a significant reduction in planned/unplanned downtime. Additionally, VAALCO continues to believe that the capital costs for the field reconfiguration and the upcoming planned 2021/2022 drilling campaign can be funded with cash from operations and cash on hand.

About VAALCO

VAALCO, founded in 1985, is a Houston, USA based, independent energy company with production, development and exploration assets in the West African region.

The Company is an established operator within the region, holding a 63.6% participating interest in the Etame Marin block, located offshore Gabon, which to date has produced over 120 million barrels of crude oil and of which the Company is the operator.

For Further Information

   
VAALCO Energy, Inc. (General and Investor Enquiries) +00 1 713 623 0801
Website: www.vaalco.com
   
Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
Al Petrie / Chris Delange  
   
Buchanan (UK Financial PR) +44 (0) 207 466 5000
Ben Romney / Jon Krinks/ James Husband [email protected]

Forward Looking Statements

This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this document that address activities, events, plans, expectations, objectives or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements may include statements related to the impact of the COVID-19 pandemic, including the recent sharp decline in the global demand for and resulting global oversupply of crude oil and the resulting steep decline in oil prices, production quotas imposed by Gabon, disruptions in global supply chains, quarantines of our workforce or workforce reductions and other matters related to the pandemic, well results, wells anticipated to be drilled and placed on production, future levels of drilling and operational activity and associated expectations, the implementation of the Company’s business plans and strategy, prospect evaluations, prospective resources and reserve growth, its activities in Equatorial Guinea, expected sources of and potential difficulties in obtaining future capital funding and future liquidity, its ability to restore production in non-producing wells, our ability to find a replacement for the FPSO or to renew the FPSO charter, future operating losses, future changes in crude oil and natural gas prices, future strategic alternatives, future and pending acquisitions, capital expenditures, future drilling plans, acquisition and interpretation of seismic data and costs thereof, negotiations with governments and third parties, timing of the settlement of Gabon income taxes, and expectations regarding processing facilities, production, sales and financial projections. These statements are based on assumptions made by VAALCO based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO’s control. These risks include, but are not limited to, crude oil and natural gas price volatility, the impact of production quotas imposed by Gabon in response to production cuts agreed to as a member of OPEC, inflation, general economic conditions, the outbreak of COVID-19, the Company’s success in discovering, developing and producing reserves, production and sales differences due to timing of liftings, decisions by future lenders, the risks associated with liquidity, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign regulatory and operational risks, and regulatory changes.

Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR.



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Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance

Phibro Animal Health Corporation Reports Fourth Quarter and Fiscal Year Results, Provides Financial Guidance

TEANECK, N.J.–(BUSINESS WIRE)–
Phibro Animal Health Corporation (Nasdaq:PAHC) today announced financial results for its fourth quarter and fiscal year ended June 30, 2021, and provided financial guidance for the year ending June 30, 2022.

  • Highlights for the three months ended June 30, 2021 (compared to the three months ended June 30, 2020)

    • Net sales of $220 million, an increase of $34 million, or 19%
    • Net income of $17 million, an increase of $12 million, or 203%
    • Diluted EPS of $0.42, an increase of $0.28, or 200%
    • Adjusted EBITDA of $27 million, an increase of $3 million, or 13%
    • Adjusted Net Income of $13 million, an increase of $6 million, or 89%
    • Adjusted diluted EPS of $0.32, an increase of $0.15, or 88%
  • Highlights for the year ended June 30, 2021 (compared to the year ended June 30, 2020)

    • Net sales of $833 million, an increase of $33 million, or 4%
    • Net income of $54 million, an increase of $21 million, or 62%
    • Diluted EPS of $1.34, an increase of $0.51, or 61%
    • Adjusted EBITDA of $108 million, an increase of $6 million, or 6%
    • Adjusted Net Income of $51 million, an increase of $8 million, or 17%
    • Adjusted diluted EPS of $1.27, an increase of $0.19, or 18%
  • Financial guidance for the year ending June 30, 2022, of $840 – $870 million in net sales, net income of $45 – $47 million and Adjusted EBITDA of $110 – $114 million.

COMMENTARY

“We ended our fiscal year strong, posting our fourth consecutive quarter of net sales growth and ahead of our fourth quarter projections. Strong net sales and one-off tax benefits drove diluted EPS of $0.42, well ahead of expectations.” said Jack Bendheim, Phibro’s Chairman, President and Chief Executive Officer. Jack continued, “I am also pleased to announce that we are projecting continued growth in both our top-and-bottom line financial performance for our next full fiscal year.”

QUARTERLY RESULTS

Net sales

Net sales of $220.3 million for the three months ended June 30, 2021, increased $34.4 million, or 19%, as compared to the three months ended June 30, 2020, the first full quarter when the global economy was dampened by the COVID-19 global pandemic. Animal Health, Mineral Nutrition and Performance Products increased $24.3 million, $6.9 million, and $3.1 million, respectively.

Animal Health

Net sales of $146.7 million for the three months ended June 30, 2021, increased $24.3 million, or 20%. Net sales of MFAs and other increased $18.6 million, or 26%, driven by higher domestic and international demand, primarily due to a level of recovery from the global pandemic. Net sales of nutritional specialty products increased $5.7 million, or 18%, principally due to domestic and international volume growth in dairy products. Net sales of vaccines increased $0.1 million, or 1%, as domestic volume growth and increased demand in the Asia Pacific region were partially offset by challenging economic conditions in Eastern Europe.

Mineral Nutrition

Net sales of $56.8 million for the three months ended June 30, 2021, increased $6.9 million, or 14%, driven by increased average selling prices and higher volumes. The increase in average selling prices is correlated with the movement of the underlying raw material costs.

Performance Products

Net sales of $16.7 million for the three months ended June 30, 2021, increased $3.1 million, or 23%. The increase was driven by strong demand for copper-based products coupled with favorable product pricing correlated with underlying raw material costs.

Gross profit

Gross profit of $69.8 million for the three months ended June 30, 2021, increased $9.3 million, or 15%, as compared to the three months ended June 30, 2020. Gross margin decreased 90 basis points to 31.7% of net sales for the three months ended June 30, 2021, as compared to 32.6% for the three months ended June 30, 2020.

Animal Health gross profit increased $6.4 million due to higher sales. Mineral Nutrition gross profit increased $1.3 million, driven primarily by increased average selling prices and favorable product mix. Performance Products gross profit increased $1.5 million, driven by higher volumes and favorable product mix.

Selling, general and administrative expenses

Selling, general and administrative expenses (“SG&A”) of $50.7 million for the three months ended June 30, 2021, increased $8.2 million, or 19%, as compared to the three months ended June 30, 2020. SG&A for the quarter ended June 30, 2020, included $0.6 million of stock-based compensation expense and income of $3.0 million from other acquisition related items. Excluding these items, SG&A increased $5.8 million or 13%.

Animal Health SG&A increased $6.2 million, due to higher costs relating to international market expansion initiatives, plus incremental performance-related compensation expenses. Mineral Nutrition and Performance Products SG&A were comparable to the prior year. Corporate SG&A decreased $0.4 million. Prior year stock-based compensation expense and income from other acquisition-related items accounted for a $2.4 million increase in SG&A.

Interest expense, net

Interest expense, net of $3.9 million for the three months ended June 30, 2021, increased $1.1 million, or 40%, as compared to the three months ended June 30, 2020. Interest expense, net increased primarily due to $1.0 million of expense related to the April 2021 refinancing.

Foreign currency gains, net

Foreign currency gains, net were $0.9 million and $1.1 million, for the three months ended June 30, 2021 and 2020, respectively. Foreign currency gains, net primarily arose from intercompany balances, driven by the movement of the Mexican, South African and Turkish currencies relative to the U.S. dollar.

Provision for income taxes

The benefit for income taxes was $1.0 million for the three months ended June 30, 2021, as compared to a provision for income taxes of $10.7 million for the three months ended June 30, 2020. The effective income tax rate was (6.2)% and 65.6% for the three months ended June 30, 2021 and 2020, respectively. The provision for income taxes during the three months ended June 30, 2021 and June 30, 2020, included one-off items related to favorable and unfavorable changes in GILTI federal taxes, uncertain international tax positions and valuation allowances. The respective effective income tax rates without these items would have been 33.6% for the three months ended June 30, 2021 and 33.1% for the three months ended June 30, 2020.

Net income

Net income of $17.1 million for the three months ended June 30, 2021, increased $11.5 million, as compared to net income of $5.6 million for the three months ended June 30, 2020. Operating income increased $1.0 million, driven by higher gross profit, partially offset by increased SG&A expenses. The increase in gross profit was primarily driven by higher volumes and favorable product mix in all segments. SG&A expenses increased due to investments in strategic initiatives and incremental performance-related compensation costs. Income taxes decreased $11.7 million due primarily to one-off tax benefits related to favorable changes in uncertain international tax positions and valuation allowances and lower GILTI tax driven by the geographical mix of earnings. Interest expense increased $1.1 million due to costs related to the refinancing.

Adjusted EBITDA

Adjusted EBITDA of $27.0 million for the three months ended June 30, 2021, increased $3.1 million, or 13%, as compared to the three months ended June 30, 2020. Animal Health Adjusted EBITDA was flat to the prior year as higher sales and gross profit were offset by increased SG&A costs. Mineral Nutrition Adjusted EBITDA increased $1.2 million, driven by increased gross profit on favorable product mix. Performance Products Adjusted EBITDA increased $1.6 million driven by increased gross profit. Corporate expenses decreased $0.4 million, primarily due to investments in strategic initiatives and incremental performance-related compensation costs, more than offset by a decline in professional fees and travel costs driven by COVID-19 limitations.

Adjusted provision for income taxes

The adjusted effective income tax rates for the three months ended June 30, 2021 and 2020, were 30.5% and 55.4%, respectively. The decrease in our adjusted tax rate was driven by lower GILTI federal tax expense due to a shift in the geographical mix of earnings.

Adjusted Net Income

Adjusted net income of $12.8 million for the three months ended June 30, 2021, increased $6.0 million, or 89%, as compared to the prior year. The increase was driven by higher gross profit and lower provision for income taxes, partially offset by increased SG&A expenses. The increase in gross profit was driven by higher volume and favorable product mix in the Animal Health segment, as well as increased gross profit in the Mineral Nutrition and Performance Products segments. SG&A expenses increased due to investments in strategic initiatives and incremental performance-related compensation costs.

Adjusted diluted EPS

Adjusted diluted EPS was $0.32 for the quarter, an increase of $0.15, as compared to $0.17 in the prior year.

FULL-YEAR RESULTS

Net sales

Net sales of $833.4 million for the year ended June 30, 2021, increased $33.0 million, or 4%, as compared to the year ended June 30, 2020. Animal Health, Mineral Nutrition and Performance Products increased $18.8 million, $6.1 million, and $8.0 million, respectively.

Animal Health

Net sales of $545.7 million for the year ended June 30, 2021, increased $18.8 million, or 4%. Net sales of MFAs and other increased $7.7 million, or 2%, due to increased domestic demand in swine and increased international sales in poultry. These gains were partially offset by an $8.9 million decline in net sales in China following regulatory changes effective January 1, 2020. Net sales of nutritional specialty products grew $13.5 million, or 10%, due to international and domestic volume growth in dairy products, partially offset by lower sales in domestic poultry. Net sales of vaccines declined $2.4 million, or 3%, as challenging economic conditions in Eastern Europe more than offset domestic volume growth and increased demand in the Asia Pacific region.

Mineral Nutrition

Net sales of $220.6 million for the year ended June 30, 2021, increased $6.1 million, or 3%, due to higher overall average selling prices and increased unit volumes. The increase in average selling prices is correlated with the movement of the underlying raw material costs.

Performance Products

Net sales of $67.1 million for the year ended June 30, 2021, increased $8.0 million, or 14%, driven by increased volumes of copper-based products.

Gross profit

Gross profit of $271.4 million for the year ended June 30, 2021, increased $14.5 million, or 6%, as compared to the year ended June 30, 2020. Gross margin increased 50 basis points to 32.6% of net sales for the year ended June 30, 2021, as compared to 32.1% for the year ended June 30, 2020. The year ended June 30, 2020, included $0.3 million of acquisition-related cost of goods sold.

Animal Health gross profit increased $7.2 million due to sales growth. Mineral Nutrition gross profit increased $2.4 million, driven by increases in average selling prices, partially offset by increases in raw material costs. Performance Products gross profit increased $4.8 million, driven by higher volumes, higher average selling prices and decreases in raw material and production costs. Acquisition-related cost of goods sold in the prior year accounted for $0.3 million of the gross profit improvement in the current year.

Selling, general and administrative expenses

Selling, general and administrative expenses (“SG&A”) of $196.5 million for the year ended June 30, 2021, increased $8.8 million, or 5%, as compared to the year ended June 30, 2020. SG&A for the year ended June 30, 2021, included $1.1 million of stock-based compensation. SG&A for the year ended June 30, 2020, included $2.3 million of stock-based compensation, $0.4 million of restructuring costs, $0.5 million of acquisition-related transaction costs and income of $2.8 million from other acquisition-related items. Excluding these items, SG&A increased $8.0 million, or 4%.

Animal Health SG&A increased $5.6 million, primarily due to increased professional fees to support the continued use of carbadox and investments in international expansion initiatives. Mineral Nutrition and Performance Products SG&A were comparable to the prior year. Corporate expenses increased $2.5 million, driven by investments in strategic initiatives, plus incremental costs for performance-related compensation and information technology. Overall costs, including marketing, product development and travel, continued to be restrained due to COVID-19 limitations. The stock-based compensation, restructuring costs, acquisition-related transaction costs and other acquisition-related income items accounted for a net $0.8 million increase in SG&A.

Interest expense, net

Interest expense, net of $12.9 million for the year ended June 30, 2021, was flat as compared to the year ended June 30, 2020. Interest expense decreased primarily due to favorable variable interest rates, offset by higher levels of debt outstanding and a $1.0 million of expense related to the April 2021 refinancing.

Foreign currency (gains) losses, net

Foreign currency gains, net for the year ended June 30, 2021, were $4.5 million, as compared to net losses of $0.8 million for the year ended June 30, 2020. Foreign currency gains, net primarily arose from intercompany balances, driven by the movement of certain foreign currencies relative to the U.S. dollar.

Provision for income taxes

The provision for income taxes was $12.1 million and $22.0 million for the years ended June 30, 2021 and 2020, respectively. The effective income tax rate was 18.2% and 39.6% for the years ended June 30, 2021 and 2020, respectively. Our effective income tax rate has varied from period to period and from the federal statutory rate, due to the mix of income in the various jurisdictions where we have operations; changes in tax rates from period to period; and the effects of certain other items. The provision for income taxes during the year ended June 30, 2021, included (i) a $5.3 million benefit from the reversal of uncertain tax positions related to settlements and lapse of statute of limitations of prior years, (ii) a $1.5 million benefit related to final regulations issued in July 2020 for the Global Intangible Low-Taxed Income (“GILTI”) tax related to the years ended June 30, 2020 and 2019, (iii) a $1.2 million benefit related to exchange rate differences on intercompany dividends, and (iv) a $0.9 million benefit related to a detailed analysis of various other items. The effective income tax rate, without these items, would have been 31.6% for the year ended June 30, 2021. The provision for income taxes for the years ended June 30, 2021 and 2020, included $0.9 million and $3.5 million of GILTI federal tax expense, respectively.

Net income

Net income of $54.4 million for the year ended June 30, 2021, increased $20.8 million, as compared to net income of $33.6 million for the year ended June 30, 2020. The increase was primarily driven by higher operating income of $5.7 million, increased foreign currency gains of $5.3 million and a $9.9 million decrease to the provision for income taxes. The increase in operating income was driven by a $14.5 million increase in gross profit, partially offset by increased SG&A costs of $8.8 million.

Adjusted EBITDA

Adjusted EBITDA of $107.9 million for the year ended June 30, 2021, increased $5.7 million, or 6%, as compared to the year ended June 30, 2020. Animal Health Adjusted EBITDA increased $0.8 million, driven by increased gross profit, partially offset by higher SG&A expenses. Mineral Nutrition and Performance Products Adjusted EBITDA for the year ended June 30, 2021, increased $2.4 million and $4.9 million, respectively, on higher gross profit. Corporate expenses increased $2.4 million driven by investments in strategic initiatives as well as incremental costs for performance-related compensation and information technology.

Adjusted provision for income taxes

The adjusted effective income tax rates for the year ended June 30, 2021 and 2020, were 29.5% and 33.7%, respectively. The decrease in our adjusted tax rate was driven by a shift in the geographical mix of earnings.

Adjusted Net Income

Adjusted net income of $51.3 million for the year ended June 30, 2021, increased $7.5 million, or 17%, as compared to the prior year. The increase was driven by higher gross profit of $13.9 million, lower interest expense of $0.7 million, and a lower adjusted provision for income taxes of $0.8 million, partially offset by increased SG&A expenses of $7.9 million. Gross profit increased across all three segments. Increased SG&A costs were driven by investments in strategic initiatives, incremental performance-related compensation and increased professional fees to support the continued use of carbadox. These increases were partially offset by lower travel expenses driven by COVID-19 limitations.

Adjusted diluted EPS

Adjusted diluted EPS was $1.27 for the year ended June 30, 2021, an increase of $0.19, as compared to $1.08 in the prior year.

BALANCE SHEET AND CASH FLOWS

  • 3.6x leverage ratio as of June 30, 2021

    • $393 million total debt
    • $108 million Adjusted EBITDA for the twelve months ended June 30, 2021
  • $93 million of cash and short-term investments on hand and $152 million of available revolving credit (subject to leverage ratio limitations) at June 30, 2021
  • $4 million of cash used before financing for the three months ended June 30, 2021
  • $30 million of cash provided before financing for the year ended June 30, 2021

FINANCIAL GUIDANCE

Our projected financial results for the year ending June 30, 2022, are as follows:

  • Net sales of approximately $840.0 – $870.0 million
  • Net income of approximately $45.0 – $47.0 million
  • Diluted EPS of approximately $1.11 – $1.16
  • Adjusted EBITDA of approximately $110.0 – $114.0 million
  • Adjusted Net Income of approximately $50.7 – $53.3 million
  • Adjusted diluted EPS of approximately $1.25 – $1.32
  • Adjusted effective tax rate of approximately 29% – 31%

This financial guidance assumes incremental operating expenses of approximately $20 million or an increase of approximately 10%, about half of which relates to planned spending on strategic investments.

Projected net sales and Adjusted EBITDA reflect year on year growth of 1-4% and 2-6%, respectively.

Due to seasonality, and consistent with historical trends prior to COVID-19, we expect a decline in fiscal year 2022 first quarter top and bottom-line financial performance relative to the fourth quarter of the prior fiscal year.

Although we are encouraged by the improving trends in our business and are providing full year guidance, the COVID-19 global pandemic continues to present challenges to the animal health industry, including but not limited to demand disruption and production impacts. Our guidance assumes that the current situation domestically and abroad will stabilize as we progress through our next fiscal year, but we will continue to monitor the impact the pandemic is having on our business and adjust guidance, if necessary.

WEBCAST & CONFERENCE CALL DETAILS

Phibro Animal Health Corporation will host a webcast and conference call during which the company will review its financial results and respond to questions.

Date:

Thursday, August 26, 2021

Time:

9:00 AM Eastern

Location:

https://investors.pahc.com

U.S. Toll-Free:

+1 (833) 968-1955

International Toll:

+1 (647) 689-6656

Conference ID:

4134939

NOTE: To join this conference call, all participants will be required to provide the Conference ID number.

A replay of the webcast will be archived and made available on Phibro’s website.

DISCLOSURE NOTICES

Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro.

Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA and adjusted net income, to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us.

Phibro Animal Health Corporation
Consolidated Results of Operations
 
Three Months Twelve Months
For the Periods Ended June 30

 

2021

 

 

2020

 

Change

 

2021

 

 

2020

 

Change
(in millions, except per share amounts and percentages)
 
Net sales

$

220.3

 

$

185.9

 

$

34.4

 

19

%

$

833.4

 

$

800.4

 

$

33.0

 

4

%
Cost of goods sold

 

150.5

 

 

125.3

 

 

25.1

 

20

%

 

562.0

 

 

543.5

 

 

18.5

 

3

%
Gross profit

 

69.8

 

 

60.6

 

 

9.3

 

15

%

 

271.4

 

 

256.9

 

 

14.5

 

6

%
Selling, general and administrative

 

50.7

 

 

42.4

 

 

8.2

 

19

%

 

196.5

 

 

187.7

 

 

8.8

 

5

%
Operating income

 

19.2

 

 

18.1

 

 

1.0

 

6

%

 

74.9

 

 

69.2

 

 

5.7

 

8

%
Interest expense, net

 

3.9

 

 

2.8

 

 

1.1

 

40

%

 

12.9

 

 

12.9

 

 

0.0

 

0

%
Foreign currency (gains) losses, net

 

(0.9

)

 

(1.1

)

 

0.2

 

*

 

(4.5

)

 

0.8

 

 

(5.3

)

*
Income before income taxes

 

16.1

 

 

16.4

 

 

(0.3

)

(2

)%

 

66.5

 

 

55.5

 

 

11.0

 

20

%
Provision for income taxes

 

(1.0

)

 

10.7

 

 

(11.7

)

*

 

12.1

 

 

22.0

 

 

(9.9

)

(45

)%
Net income

$

17.1

 

$

5.6

 

$

11.5

 

203

%

$

54.4

 

$

33.6

 

$

20.8

 

62

%
 
Net income per share
basic

$

0.42

 

$

0.14

 

$

0.28

 

200

%

$

1.34

 

$

0.83

 

$

0.51

 

61

%
diluted

$

0.42

 

$

0.14

 

$

0.28

 

200

%

$

1.34

 

$

0.83

 

$

0.51

 

61

%
 
Weighted average common shares outstanding
basic

 

40.5

 

 

40.5

 

 

40.5

 

 

40.5

 

diluted

 

40.5

 

 

40.5

 

 

40.5

 

 

40.5

 

 
Ratio to net sales
Gross profit

 

31.7

%

 

32.6

%

 

32.6

%

 

32.1

%
Selling, general and administrative

 

23.0

%

 

22.8

%

 

23.6

%

 

23.5

%
Operating income

 

8.7

%

 

9.7

%

 

9.0

%

 

8.6

%
Income before income taxes

 

7.3

%

 

8.8

%

 

8.0

%

 

6.9

%
Net income

 

7.8

%

 

3.0

%

 

6.5

%

 

4.2

%
Effective tax rate

 

(6.2

)%

 

65.6

%

 

18.2

%

 

39.6

%
 
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful
Phibro Animal Health Corporation
Segment Net Sales and Adjusted EBITDA
 
Three Months Twelve Months
For the Periods Ended June 30

 

2021

 

 

2020

 

Change

 

2021

 

 

2020

 

Change
(in millions, except percentages)
Net Sales
MFAs and other

$

91.2

 

$

72.6

 

$

18.6

 

26

%

$

330.0

 

$

322.3

 

$

7.7

 

2

%
Nutritional specialties

 

36.8

 

 

31.1

 

 

5.7

 

18

%

 

142.8

 

 

129.3

 

 

13.5

 

10

%
Vaccines

 

18.7

 

 

18.6

 

 

0.1

 

1

%

 

72.9

 

 

75.3

 

 

(2.4

)

(3

)%
Animal Health

 

146.7

 

 

122.4

 

 

24.3

 

20

%

 

545.7

 

 

526.9

 

 

18.8

 

4

%
Mineral Nutrition

 

56.8

 

 

49.9

 

 

6.9

 

14

%

 

220.6

 

 

214.4

 

 

6.1

 

3

%
Performance Products

 

16.7

 

 

13.6

 

 

3.1

 

23

%

 

67.1

 

 

59.0

 

 

8.0

 

14

%
Total

$

220.3

 

$

185.9

 

$

34.4

 

19

%

$

833.4

 

$

800.4

 

$

33.0

 

4

%
 
Adjusted EBITDA
Animal Health

$

29.5

 

$

29.6

 

$

(0.0

)

(0

)%

$

124.0

 

$

123.1

 

$

0.8

 

1

%
Mineral Nutrition

 

4.7

 

 

3.5

 

 

1.2

 

34

%

 

17.1

 

 

14.7

 

 

2.4

 

17

%
Performance Products

 

2.3

 

 

0.7

 

 

1.6

 

216

%

 

9.4

 

 

4.5

 

 

4.9

 

108

%
Corporate

 

(9.5

)

 

(9.9

)

 

0.4

 

(4

)%

 

(42.6

)

 

(40.2

)

 

(2.4

)

6

%
Total

$

27.0

 

$

23.9

 

$

3.1

 

13

%

$

107.9

 

$

102.1

 

$

5.7

 

6

%
 
Ratio to segment net sales
Animal Health

 

20.1

%

 

24.2

%

 

22.7

%

 

23.4

%
Mineral Nutrition

 

8.2

%

 

6.9

%

 

7.8

%

 

6.8

%
Performance Products

 

13.6

%

 

5.3

%

 

14.1

%

 

7.7

%
Corporate (1)

 

(4.3

)%

 

(5.3

)%

 

(5.1

)%

 

(5.0

)%
Total (1)

 

12.3

%

 

12.8

%

 

12.9

%

 

12.8

%
(1)reflects ratio to total net sales
 
Reconciliation of GAAP Net Income to Adjusted EBITDA
Net income

$

17.1

 

$

5.6

 

$

11.5

 

203

%

$

54.4

 

$

33.6

 

$

20.8

 

62

%
Interest expense, net

 

3.9

 

 

2.8

 

 

1.1

 

40

%

 

12.9

 

 

12.9

 

 

0.0

 

0

%
Provision for income taxes

 

(1.0

)

 

10.7

 

 

(11.7

)

*

 

12.1

 

 

22.0

 

 

(9.9

)

(45

)%
Depreciation and amortization

 

7.8

 

 

8.2

 

 

(0.3

)

(4

)%

 

31.9

 

 

32.3

 

 

(0.5

)

(1

)%
EBITDA

 

27.9

 

 

27.4

 

 

0.5

 

2

%

 

111.2

 

 

100.7

 

 

10.5

 

10

%
Stock-based compensation

 

–

 

 

0.6

 

 

(0.6

)

*

 

1.1

 

 

2.3

 

 

(1.1

)

(50

)%
Restructuring costs

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.4

 

 

(0.4

)

*
Acquisition-related cost of goods sold

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.3

 

 

(0.3

)

*
Acquisition-related transaction costs

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.5

 

 

(0.5

)

*
Acquisition-related other, net

 

–

 

 

(3.0

)

 

3.0

 

*

 

–

 

 

(2.8

)

 

2.8

 

*
Foreign currency (gains) losses, net

 

(0.9

)

 

(1.1

)

 

0.2

 

*

 

(4.5

)

 

0.8

 

 

(5.3

)

*
Adjusted EBITDA

$

27.0

 

$

23.9

 

$

3.1

 

13

%

$

107.9

 

$

102.1

 

$

5.7

 

6

%
 
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful
Phibro Animal Health Corporation
Adjusted Net Income
 
Three Months Twelve Months
For the Periods Ended June 30

 

2021

 

 

2020

 

Change

 

2021

 

 

2020

 

Change
(in millions, except per share amounts and percentages)
 
Adjusted cost of goods sold

$

149.0

 

$

123.8

 

$

25.2

 

20

%

$

555.9

 

$

536.9

 

$

19.1

 

4

%
Adjusted gross profit

 

71.3

 

 

62.1

 

 

9.2

 

15

%

 

277.4

 

 

263.5

 

 

13.9

 

5

%
Adjusted selling, general and administrative

 

50.0

 

 

44.2

 

 

5.8

 

13

%

 

192.7

 

 

184.8

 

 

7.9

 

4

%
Adjusted interest expense, net

 

2.9

 

 

2.7

 

 

0.2

 

6

%

 

11.9

 

 

12.6

 

 

(0.7

)

(6

)%
Adjusted income before income taxes

 

18.4

 

 

15.2

 

 

3.2

 

21

%

 

72.9

 

 

66.1

 

 

6.8

 

10

%
Adjusted provision for income taxes

 

5.6

 

 

8.4

 

 

(2.8

)

(33

)%

 

21.5

 

 

22.3

 

 

(0.8

)

(4

)%
Adjusted net income

$

12.8

 

$

6.8

 

$

6.0

 

89

%

$

51.3

 

$

43.8

 

$

7.5

 

17

%
 
Adjusted net income per share
diluted

$

0.32

 

$

0.17

 

$

0.15

 

88

%

$

1.27

 

$

1.08

 

$

0.19

 

18

%
 
Weighted average common shares outstanding
diluted

 

40.5

 

 

40.5

 

 

40.5

 

 

40.5

 

 
Ratio to net sales
Adjusted gross profit

 

32.4

%

 

33.4

%

 

33.3

%

 

32.9

%
Adjusted selling, general and administrative

 

22.7

%

 

23.8

%

 

23.1

%

 

23.1

%
Adjusted income before income taxes

 

8.4

%

 

8.2

%

 

8.7

%

 

8.3

%
Adjusted net income

 

5.8

%

 

3.6

%

 

6.2

%

 

5.5

%
Adjusted effective tax rate

 

30.5

%

 

55.4

%

 

29.5

%

 

33.7

%
 
Reconciliation of GAAP Net Income to Adjusted Net Income
Net income

$

17.1

 

$

5.6

 

$

11.5

 

203

%

$

54.4

 

$

33.6

 

$

20.8

 

62

%
Acquisition-related intangible amortization(1)

 

1.5

 

 

1.5

 

 

(0.1

)

(4

)%

 

6.0

 

 

6.3

 

 

(0.3

)

(5

)%
Acquisition-related intangible amortization(2)

 

0.7

 

 

0.7

 

 

0.0

 

0

%

 

2.7

 

 

2.5

 

 

0.2

 

6

%
Stock-based compensation (2)

 

–

 

 

0.6

 

 

(0.6

)

*

 

1.1

 

 

2.3

 

 

(1.1

)

(50

)%
Restructuring costs (2)

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.4

 

 

(0.4

)

*
Acquisition-related cost of goods sold

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.3

 

 

(0.3

)

*
Acquisition-related transaction costs(2)

 

–

 

 

–

 

 

–

 

*

 

–

 

 

0.5

 

 

(0.5

)

*
Acquisition-related other, net (2)

 

–

 

 

(3.0

)

 

3.0

 

*

 

–

 

 

(2.8

)

 

2.8

 

*
Acquisition-related accrued interest

 

–

 

 

0.1

 

 

(0.1

)

*

 

–

 

 

0.3

 

 

(0.3

)

*
Refinancing expense

 

1.0

 

 

–

 

 

1.0

 

*

 

1.0

 

 

–

 

 

1.0

 

*
Foreign currency (gains) losses, net(3)

 

(0.9

)

 

(1.1

)

 

0.2

 

*

 

(4.5

)

 

0.8

 

 

(5.3

)

*
Adjustments to income taxes(4)

 

(6.6

)

 

2.3

 

 

(8.9

)

*

 

(9.4

)

 

(0.3

)

 

(9.1

)

*
Adjusted net income

$

12.8

 

$

6.8

 

$

6.0

 

89

%

$

51.3

 

$

43.8

 

$

7.5

 

17

%
 
Amounts and percentages may reflect rounding adjustments
* Calculation not meaningful
(1)Included in cost of goods sold
(2)Included in selling, general and administrative
(3)Primarily related to intercompany balances
(4)Related to the income tax effect of pre-tax income adjustments and the exclusion of certain income tax items
Phibro Animal Health Corporation
Operating and Investing Cash Flows
 
 
Three Months Twelve Months
For the Periods Ended June 30

 

2021

 

 

2020

 

Change

 

2021

 

 

2020

 

Change
(in millions)
 
EBITDA

$

27.9

 

$

27.4

 

$

0.5

 

$

111.2

 

$

100.7

 

$

10.5

 

Adjustments
Stock-based compensation

 

–

 

 

0.6

 

 

(0.6

)

 

1.1

 

 

2.3

 

 

(1.1

)

Restructuring costs

 

–

 

 

–

 

 

–

 

 

–

 

 

0.4

 

 

(0.4

)

Acquisition-related cost of goods sold

 

–

 

 

–

 

 

–

 

 

–

 

 

0.3

 

 

(0.3

)

Acquisition-related transaction costs

 

–

 

 

–

 

 

–

 

 

–

 

 

0.5

 

 

(0.5

)

Acquisition-related other, net

 

–

 

 

(3.0

)

 

3.0

 

 

–

 

 

(2.8

)

 

2.8

 

Foreign currency (gains) losses, net

 

(0.9

)

 

(1.1

)

 

0.2

 

 

(4.5

)

 

0.8

 

 

(5.3

)

Interest paid, net

 

(2.7

)

 

(2.4

)

 

(0.3

)

 

(10.8

)

 

(11.6

)

 

0.8

 

Income taxes paid

 

(5.1

)

 

(5.8

)

 

0.8

 

 

(19.4

)

 

(20.9

)

 

1.5

 

Changes in operating assets and liabilities and other items

 

(16.2

)

 

(11.7

)

 

(4.4

)

 

(29.4

)

 

(10.3

)

 

(19.0

)

Net cash provided (used) by operating activities

$

3.1

 

$

3.9

 

$

(0.8

)

$

48.3

 

$

59.3

 

$

(11.0

)

 
Short-term investments, net

$

1.0

 

$

–

 

$

1.0

 

$

12.0

 

$

(31.0

)

$

43.0

 

Capital expenditures

 

(7.1

)

 

(10.0

)

 

2.9

 

 

(29.3

)

 

(34.0

)

 

4.7

 

Business acquisitions

 

–

 

 

–

 

 

–

 

 

–

 

 

(54.5

)

 

54.5

 

Other investing, net

 

(1.1

)

 

0.5

 

 

(1.6

)

 

(1.3

)

 

(0.8

)

 

(0.5

)

Net cash provided (used) by investing activities

$

(7.2

)

$

(9.5

)

$

2.3

 

$

(18.6

)

$

(120.3

)

$

101.7

 

 
Net cash flow before financing activities

$

(4.1

)

$

(5.6

)

$

1.5

 

$

29.7

 

$

(61.0

)

$

90.7

 

 
Amounts and percentages may reflect rounding adjustments

About Phibro Animal Health Corporation

Phibro Animal Health Corporation is a diversified global developer, manufacturer and supplier of a broad range of animal health and mineral nutrition products for livestock, helping veterinarians and farmers produce healthy, affordable food while using fewer natural resources. For further information, please visit www.pahc.com.

Phibro Animal Health Corporation

Damian Finio

Chief Financial Officer

+1-201-329-7300

Or

[email protected]

KEYWORDS: United States North America New Jersey

INDUSTRY KEYWORDS: Health Veterinary Other Health

MEDIA:

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Posted on

EDAP Reports Second Quarter 2021 Results and Provides Operational Update

  • Total revenue for the first half 2021 of EUR 20.7 million (USD $24.8 million) increased 22.5% over the same period of the prior year
  • Net income was EUR 0.4 million (USD 0.4 million), or EUR 0.01 per diluted share, for the first half of 2021
  • Cash balance of EUR 45 million (USD $53.3 million) as of June 30, 2021
  • Second quarter U.S. HIFU treatment volumes increased 79% over the comparable period in 2020; strong leading indicator of Focal One adoption
  • CMS Advisory Panel on Hospital Outpatient Payment (HOP panel), at its summer meeting, unanimously recommended increasing reimbursement for HIFU prostate ablation to APC Level 6 in 2022 from Level 5 currently
  • Company to host a conference call tomorrow, August 26, at 8:30 am ET

LYON, France, August 25, 2021 — EDAP TMS SA (Nasdaq: EDAP) (the “Company”), a global leader in robotic energy-based therapies, announced today unaudited financial results for the second quarter of 2021 and provided an update on strategic and operational developments. 

Marc Oczachowski, EDAP’s Chairman and Chief Executive Officer, said: “We were very pleased during the second quarter to see continued strong growth in U.S. Focal One treatment volumes, a metric that we believe reflects accelerating HIFU adoption as a prostate cancer treatment alternative. While the ongoing COVID pandemic continues to weigh on hospital capital spending, we nonetheless continued to build a robust pipeline of Focal One and ExactVu pipeline opportunities, and we are optimistic that we will close additional high-profile sales this year.”

“On the reimbursement front, just a few days ago, the CMS HOP panel voted unanimously in favor of increasing reimbursement for HIFU prostate ablation to APC Level 6 next year from Level 5 currently. Even if the HOP panel has only an advisory role to CMS, we believe this is a strong signal and further recognition of the value of HIFU in this indication. We hope this will be taken into account by CMS when building the final rule, which will be published in December of this year. If this is the case, reimbursement for Focal One HIFU would increase from an average of approximately $4,500 per procedure this year to an average of approximately $8,500 per procedure in 2022. This increase, if implemented, could be a significant catalyst to accelerating Focal One sales in 2022 and beyond.”  

“Importantly, our U.S. expansion plans, led by new U.S. subsidiary CEO Ryan Rhodes, are progressing and we are well financed with more than $53 million on our balance sheet. I believe we are poised for a strong back half of the year and accelerating HIFU momentum heading into 2022.”

For the first six months 2021 Results

Total revenue for the first half of 2021 was EUR 20.7 million (USD 24.8 million), an increase of 22.5% compared to total revenue of EUR 16.9 million (USD 18.7 million) for the same period in 2020.

Total revenue in the HIFU business for the first six months of 2021 was EUR 3.8 million (USD 4.6 million), a decline of 15.1% as compared to EUR 4.5 million (USD 4.9 million) for the first six months of 2020.

Total revenue in the LITHO business for the first six months of 2021 was EUR 5.2 million (USD 6.2 million), a decline of 11.8% from EUR 5.9 million (USD 6.5 million) for the first six months of 2020.

Total revenue in the Distribution business for the first six months of 2021 was EUR 11.7 million (USD 14.0 million), a 79.0% increase compared to EUR 6.5 million (USD 7.2 million) for the first six months of 2020.

Gross profit for the first six months of 2021 was EUR 8.6 million (USD 10.3 million), compared to EUR 7.4 million (USD 8.2 million) for the year-ago period. Gross profit margin on net sales was 41.6% in the first six months of 2021, compared to 43.9% in the year-ago period. The decrease in gross profit year-over-year was due to lower sales effect on fixed costs, particularly in the HIFU business.

Operating expenses were EUR 8.8 million (USD 10.5 million) for the first six months of 2021, compared to EUR 8.5 million (USD 9.5 million) for the same period in 2020.

Operating loss for the first six months of 2021 was EUR 0.2 million (USD 0.2 million), compared to an operating loss of EUR 1.2 million (USD 1.3 million) for the same period in 2020.

Net income for the first six months of 2021 was EUR 0.4 million (USD 0.4 million), or EUR 0.01 per diluted share, as compared to a net loss of EUR 1.5 million (USD 1.6 million), or EUR (0.05) per diluted share in the year-ago period.

As of June 30, 2021, the company held cash and cash equivalents of EUR 45.0 million (USD 53.3 million), as compared to EUR 24.7 million (USD 30.2 million) as of December 31, 2020.

Second Quarter 2021 Results

Total revenue for the second quarter 2021 was EUR 10.4 million (USD 12.4 million), an increase of 11.8% compared to total revenue of EUR 9.3 million (USD 10.3 million) for the same period in 2020.

Total revenue in the HIFU business for the second quarter 2021 was EUR 2.0 million (USD 2.4 million), a decline of 21.8% as compared to EUR 2.6 million (USD 2.8 million) for the second quarter of 2020.

Total revenue in the LITHO business for the second quarter 2021 was EUR 2.3 million (USD 2.7 million), a decline of 22.6% from EUR 2.9 million (USD 3.2million) for the second quarter of 2020.

Total revenue in the Distribution business for the second quarter 2021 was EUR 6.1 million (USD 7.3 million), a 61.6% increase compared to EUR 3.8 million (USD 4.2 million) for the second quarter of 2020.

Gross profit for the second quarter 2021 was EUR 4.2 million (USD 5.1 million), compared to EUR 4.3 million (USD 4.8 million) for the year-ago period. Gross profit margin on net sales was 40.7% in the second quarter of 2021, compared to 46.8% in the year-ago period.

Operating expenses were EUR 4.6 million (USD 5.6 million) for the second quarter of 2021, compared to EUR 4.0 million (USD 4.5 million) for the same period in 2020.

Operating loss for the second quarter of 2021 was EUR 0.4 million (USD 0.5 million), compared to an operating profit of EUR 0.3 million (USD 0.3 million) in the second quarter of 2020.

Net loss for the second quarter of 2021 was EUR 0.4 million (USD 0.5 million), or EUR (0.01) per diluted share, as compared to a net loss of EUR 0.2 million (USD 0.2 million), or EUR (0.01) per diluted share in the year-ago period.

Conference Call

An accompanying conference call and webcast will be conducted by management to review the results. The call will be held at 8:30am EDT tomorrow, August 26, 2021. Please refer to the information below for conference call dial-in information and webcast registration.

Conference Call & Webcast

Thursday, August 26, 2021 @ 8:30am Eastern Time

Domestic: 877-451-6152
International: 201-389-0879
Passcode: 13721942
Webcast: http://public.viavid.com/index.php?id=145982

Following the live call, a replay will be available on the Company’s website, www.edap-tms.com under “Investors Information.”

About EDAP TMS SA

A recognized leader in the global therapeutic ultrasound market, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for various pathologies using ultrasound technology. By combining the latest technologies in imaging and treatment modalities in its complete range of Robotic HIFU devices, EDAP TMS introduced the Focal One® in Europe and in the U.S. as an answer to all requirements for ideal prostate tissue ablation. With the addition of the ExactVu™ Micro-Ultrasound device, EDAP TMS is now the only company offering a complete solution from diagnostics to focal treatment of Prostate Cancer. EDAP TMS also produces and distributes other medical equipment including the Sonolith® i-move lithotripter and lasers for the treatment of urinary tract stones using extra-corporeal shockwave lithotripsy (ESWL). For more information on the Company, please visit http://www.edap-tms.com, and us.hifu-prostate.com.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy and distribution divisions, as well as the length and severity of the COVID-19 pandemic, including its impacts across our businesses on demand for our devices and services. Factors that may cause such a difference may also include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission and in particular, in the sections “Cautionary Statement on Forward-Looking Information” and “Risk Factors” in the Company’s Annual Report on Form 20-F.

Company Contact

Blandine Confort
Investor Relations / Legal Affairs
EDAP TMS SA
+33 4 72 15 31 50
[email protected]

Investor Contact

Jeremy Feffer
LifeSci Advisors, LLC
212-915-2568
[email protected]

EDAP TMS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands of Euros and U.S. Dollars, except per share data)


 
Three Months Ended

: 		 
Three Months Ended

:
  June. 30,

2021

Euros 		 

 

June. 30,

2020

Euros 		  June. 30,

2021

$US 		  June. 30,

2020

$US 		   
Sales of medical equipment 6,696   5,975   8,051   6,628    
Net Sales of RPP and Leases 1,265   947   1,521   1,050    
Sales of spare parts, supplies and Services 2,387   2,311   2,870   2,564    
TOTAL NET SALES 10,349   9,233   12,443   10,242    
Other revenues 1   23   2   25    
TOTAL REVENUES 10,350   9,255   12,445   10,267    
Cost of sales (6,134)   (4,931)   (7,376)   (5,470)    
GROSS PROFIT 4,216   4,324   5,069   4,797    
Research & development expenses (925)   (926)   (1,112)   (1,027)    
S, G & A expenses (3,718)   (3,096)   (4,470)   (3,434)    
Total operating expenses (4,642)   (4,022)   (5,582)   (4,461)    
OPERATING PROFIT (LOSS) (427)   303   (513)   336    
Interest (expense) income, net (20)   (19)   (25)   (21)    
Currency exchange gains (loss), net 82   (346)   98   (384)    
Other income, net –   (1)   –   (1)    
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST (365)   (63)   (439)   (70)    
Income tax (expense) credit (58)   (112)   (70)   (124)    
NET INCOME (LOSS)

 

(424)   (175)   (509)   (194)    
Earning per share – Basic (0.01)   (0.01)   (0.02)   (0.01)    
Average number of shares used in computation of EPS 32,220,414   29,141,566   32,220,414   29,141,566    
Earning per share – Diluted (0.01)   (0.01)   (0.02)   (0.01)    
Average number of shares used in computation of EPS for positive net income

 

32,220,414   29,141,566

 

  32,220,414   29,141,566

 

   

NOTE: Translated for convenience of the reader to U.S. dollars at the 2021 average three months’ noon buying rate of 1 Euro = 1.2024 USD, and 2020 average three months noon buying rate of 1 Euro = 1.1093 USD


EDAP TMS S.A.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands of Euros and U.S. Dollars, except per share data)


 
Six Months Ended

: 		 
Six Months Ended

:
  June. 30,

2021

Euros 		 

 

June. 30,

2020

Euros 		  June. 30,

2021

$US 		  June. 30,

2020

$US 		   
Sales of medical equipment 13,387   10,099   16,075   11,173    
Net Sales of RPP and Leases 2,477   2,202   2,975   2,436    
Sales of spare parts, supplies and Services 4,784   4,539   5,744   5,022    
TOTAL NET SALES 20,648   16,841   24,794   18,631    
Other revenues 4   24   5   27    
TOTAL REVENUES 20,653   16,865   24,799   18,658    
Cost of sales (12,066)   (9,479)   (14,488)   (10,487)    
GROSS PROFIT 8,587   7,386   10,311   8,171    
Research & development expenses (1,776)   (1,968)   (2,132)   (2,177)    
S, G & A expenses (6,998)   (6,575)   (8,403)   (7,274)    
Total operating expenses (8,774)   (8,543)   (10,536)   (9,452)    
OPERATING PROFIT (LOSS) (188)   (1,157)   (225)   (1,280)    
Interest (expense) income, net 143   (39)   172   (43)    
Currency exchange gains (loss), net 571   (57)   685   (63)    
Other income, net –   0   –   (1)    
INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST 527   (1,254)   632   (1,388)    
Income tax (expense) credit (177)   (228)   (213)   (252)    
NET INCOME (LOSS)

 

350   (1,483)   420   (1,640)    
Earning per share – Basic 0.01   (0.05)   0.01   (0.06)    
Average number of shares used in computation of EPS 30,705,356   29,141,566   30,705,356   29,141,566    
Earning per share – Diluted 0.01   (0.05)   0.01   (0.06)    
Average number of shares used in computation of EPS for positive net income

 

31,994,402   29,141,566   31,994,402   29,141,566    

NOTE: Translated for convenience of the reader to U.S. dollars at the 2021 average six months’ noon buying rate of 1 Euro = 1.2008 USD, and 2020 average six months noon buying rate of 1 Euro = 1.1063 USD

EDAP TMS S.A.

UNAUDITED CONSOLIDATED BALANCE SHEETS HIGHLIGHTS

(Amounts in thousands of Euros and U.S. Dollars)

  June 30,

2021

Euros 		 

 

Dec. 31,

2020

Euros 		  June 30,

2021

$US 		  Dec. 31,

2020

$US
Cash, cash equivalents and short-term treasury investments 44,961   24,696   53,272   30,201
Account receivables, net 11,183   12,339   13,249   15,090
Inventory 8,610   7,989   10,202   9,771
Other current assets 618   369   732   451
TOTAL CURRENT ASSETS 65,372   45,393   77,455   55,513
Property, plant and equipment, net 5,135   5,599   6,084   6,847
Goodwill 2,412   2,412   2,858   2,949
Other non-current assets 1,704   1,790   2,019   2,189
TOTAL ASSETS 74,622   55,193   88,415   67,498
Accounts payable & other accrued liabilities 9,297   10,256   11,016   12,543
Deferred revenues, current portion 3,264   2,701   3,867   3,304
Short term borrowing 1,447   2,638   1,714   3,227
Other current liabilities 1,340   5,679   1,588   6,945
TOTAL CURRENT LIABILITIES 15,348   21,275   18,185   26,018
Obligations under operating and finance leases non-current 1,415   1,653   1,677   2,022
Long term debt, non-current 5,215   1,143   6,179   1,397
Deferred revenues, non-current 826   926   979   1,132
Other long term liabilities 3,628   3,949   4,298   4,829
TOTAL LIABILITIES 26,432   28,945   31,317   35,399
TOTAL SHAREHOLDERS’EQUITY 48,191   26,248   57,098   32,099
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY 74,622   55,193   88,415   67,498

NOTE: Translated for convenience of the reader to U.S. dollars at the noon buying rate of 1 Euro = 1.1848 USD on June 30, 2021 and at the noon buying rate of 1 Euro = 1.2229 USD on December 31, 2020

EDAP TMS S.A.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands of Euros)

  6-months ended

June 30, 2021

Euros 		  12-months ended

Dec. 31, 2020

Euros 		  6-months ended June 30, 2021

$US 		  12-months ended

Dec. 31 2020

$US
NET INCOME (LOSS) 350   (1,704)   420   (1,955)
Adjustments to reconcile net income (loss) to net cash generated by (used in) operating activities(1) 976   3,790   1,172   4,349
OPERATING CASH FLOW 1,326   2,087   1,592   2,394
Increase/Decrease in operating assets and liabilities (585)   (110)   (702)   (126)
NET CASH GENERATED BY (USED IN) OPERATING ACTIVITIES 741   1,977   890   2,269
Short term investments(2) –   –   –   –
Additions to capitalized assets produced by the company and other capital expenditures (644)   (2,011)   (773)   (2,307)
NET CASH GENERATED BY (USED IN) INVESTING ACTIVITIES (644)   (2,011)   (773)   (2,307)
NET CASH GENERATED BY (USED IN) FINANCING ACTIVITIES 20,368   3,201   24,457   3,673
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (199)   642   (1,503)   3,118
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 20,266   3,810   23,071   6,752

(1)
including Share based compensation expenses for 180 thousand
of Euros at
the end of
June
2021,
and 160 thousand of Euros at the end of December 2020

(2)
Short term investments are comprised of money market funds

NOTE: Translated for convenience of the reader to U.S. dollars at the 2021 average six months’ noon buying rate of 1 Euro = 1.2008 USD and at the 2020 average twelve months’ noon buying rate of 1 Euro = 1.1474 USD
        

EDAP TMS S.A.

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS BY DIVISION

SIX MONTHS ENDED JUNE 30, 2021

(Amounts in thousands of Euros)

   

HIFU
Division

    

ESWL
Division

    

Distribution
Division

    

Reconciling
Items

    

Total After Consolidation

    
 

Sales of goods

 

1,151

   

1,881

   

10,356

       

13,387

   
Sales of RPPs & Leases 1,798   540   139       2,477    
Sales of spare parts & services 846   2,755   1,182       4,784    
TOTAL NET SALES

 

3,795   5,176   11,677       20,648    
Other revenues

 

4   0   0       4    
TOTAL REVENUES 3,799   5,176   11,677       20,653    
GROSS PROFIT

(% of Total Revenues) 		1,501 39.5% 2,472 47.8% 4,614 39.5%     8,587 41.6%
 

Research & Development

 

(1,208)

  (418)   (150)       (1,776)    
Total SG&A plus depreciation (1,946)   (1,453)   (2,689)   (911)   (6,998)    
 

OPERATING PROFIT (LOSS)

  

(1,652)

    

601

    

1,775

    

(911)

    

(188)

    

Attachment



Posted on

Signify Health Appoints Seasoned Tech Executive Arnold Goldberg to Board of Directors

Signify Health Appoints Seasoned Tech Executive Arnold Goldberg to Board of Directors

DALLAS & NEW YORK–(BUSINESS WIRE)–Signify Health, Inc. (NYSE: SGFY), a leading value-based healthcare platform that leverages advanced analytics, technology and nationwide healthcare provider networks, today announced the appointment of Arnold Goldberg as an independent member of its board of directors, serving on the audit committee. Most recently serving as Senior Vice President, Chief Product Architect and Senior Technologist at PayPal, Mr. Goldberg brings deep knowledge of platform architecture and product strategy to Signify Health, as well as valuable experience leading and scaling teams of technologists for some of the biggest and most groundbreaking technology companies of the past two decades.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210825005589/en/

Arnold Goldberg joins Signify Health Board of Directors (Photo: Business Wire)

Arnold Goldberg joins Signify Health Board of Directors (Photo: Business Wire)

“Arnold is a seasoned engineering and product strategy leader who has helped transform many of the leading technology platforms of recent years,” said Kyle Armbrester, Signify Health CEO. “There is a transformation underway within the healthcare payment and delivery system, and Signify Health aims to be the catalyst in the move toward value-based care. We welcome Arnold as an esteemed member of our board to lend his expertise to our technology platform to facilitate payers, providers, life science companies, and community-based organizations to help more people spend more healthy, happy days at home.”

From 2013 through 2021, Mr. Goldberg served in various executive and leadership positions at PayPal Holdings, Inc., most recently as Senior Vice President, Chief Product Architect and Senior Technologist. From 2001 through 2012, Mr. Goldberg served in various senior engineering positions at Box, Inc. (2009-2012), LinkedIn Corporation (2008-2009) and eBay Inc. (2001-2008). Since 2013, Mr. Goldberg has served on the Advisory Board of the University of Florida, College of Engineering. He currently serves on the Boards of inXpress and MarketNation. Mr. Goldberg holds a Bachelor of Science in Computer Engineering from the University of Florida.

The addition of Mr. Goldberg to the Board aligns with Signify Health’s focus on leveraging the power of its platform to address the factors that are critical to success in value-based payment programs.

“Signify Health’s large and diverse base of customers offers a unique opportunity to build software, analytics and decision support tools to drive better outcomes across the continuum of care,” said Mr. Goldberg. “I look forward to helping Signify Health as it continues to build out its advanced analytics and technology-enabled services and launch new innovative programs that will foster long-term growth and impact on the healthcare system.”

About Signify Health

Signify Health is a leading healthcare platform that leverages advanced analytics, technology, and nationwide healthcare provider networks to create and power value-based payment programs. Our mission is to transform how care is paid for and delivered so that people can enjoy more healthy, happy days at home. Our solutions support value-based payment programs by aligning financial incentives around outcomes, providing tools to health plans and healthcare organizations designed to assess and manage risk and identify actionable opportunities for improved patient outcomes, coordination and cost-savings. Through our platform, we coordinate what we believe is a holistic suite of clinical, social, and behavioral services to address an individual’s healthcare needs and prevent adverse events that drive excess cost, all while shifting services towards the home. For more information on how we are taking health homeward, visit us at signifyhealth.com.

Investor Contact:

Jennifer W. DiBerardino

Head of Investor Relations and Treasurer

[email protected]

Media Contact:

Lynn Shepherd

Vice President of Communications

[email protected]

KEYWORDS: United States North America Texas New York

INDUSTRY KEYWORDS: Practice Management Networks Managed Care General Health Health Data Management Technology Other Health

MEDIA:

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Arnold Goldberg joins Signify Health Board of Directors (Photo: Business Wire)
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Bright Horizons Requires All U.S. Employees to be Fully Vaccinated Against COVID-19

Bright Horizons Requires All U.S. Employees to be Fully Vaccinated Against COVID-19

Weekly testing required for those not fully vaccinated

NEWTON, Mass.–(BUSINESS WIRE)–
As COVID-19 continues to surge across the country due to the Delta variant, Bright Horizons (NYSE: BFAM), which employs approximately 17,000 people in the U.S., today announced that beginning in September it will require all employees working in its child care centers across the U.S. to be vaccinated against COVID-19. Those who are not fully vaccinated will be required to undergo weekly at-home testing. These new requirements, combined with the company’s existing health and safety protocols, is another layer of protection against COVID-19 within its centers across the country.

“We are living in uncertain times with many variables that are outside of our control and our role as a responsible employer is to encourage our employees to get vaccinated – for the health and safety of everyone,” says Stephen Kramer, Chief Executive Officer at Bright Horizons. “Our utmost responsibility is keeping our teachers, staff, and children safe and healthy, and we believe this extra protection will help us lead the field and succeed in that mission.”

Bright Horizons will continue to offer a $100 incentive for its teachers and child care center-based employees to get vaccinated as part of its comprehensive education and awareness campaign to encourage COVID-19 vaccinations and maintaining healthy workplaces. The vaccine and testing requirements also apply to all Bright Horizons employees working in the company’s U.S. offices. Bright Horizons will provide self-test kits to employees who are not fully vaccinated on a weekly basis.

In addition to these new requirements, Bright Horizons will continue to implement stringent health and safety protocols across its child care centers, including daily health checks for adults and children and masks for all adults in the centers, including staff and parents. Masks are also strongly recommended in the centers for children over 2 years old. The company continues to revisit and evolve these policies through consulting with a pediatric infectious disease specialist at Boston Children’s Hospital and through guidance from the CDC and local health authorities.

The company has been a leader in research to understand the lasting impacts of COVID-19 on working parents and their children’s development. The latest research can be found here.

About Bright Horizons

Bright Horizons® is a leading global provider of high-quality early education and child care, back-up care, and workforce education services. For more than 30 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. Bright Horizons operates approximately 1,000 early education and child care centers in the United States, the United Kingdom, the Netherlands, and India, and serves more than 1,300 of the world’s leading employers. Bright Horizons’ early education and child care centers, back-up child and elder care, and workforce education programs help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.

Kristen Raymaakers

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Children Education Professional Services Health General Health Training Infectious Diseases Preschool Consumer Human Resources Parenting

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Dycom Industries, Inc. To Host Fiscal 2022 Second Quarter Results Conference Call

PR Newswire

PALM BEACH GARDENS, Fla., Aug. 25, 2021 /PRNewswire/ — Dycom Industries, Inc. (NYSE: DY) will host a conference call to discuss fiscal 2022 second quarter results on Wednesday, September 1, 2021, at 9:00 a.m. Eastern time. Dycom will issue a press release reporting its results earlier that morning.

A live webcast of the conference call and related materials will be available on the Company’s Investor Center website at https://ir.dycomind.com. Parties interested in participating via telephone should dial (833) 519-1313 (United States) or (914) 800-3879 (International) with the conference ID 5058909, ten minutes before the conference call begins. For those who cannot participate at the scheduled time, a replay of the live webcast and the related materials will be available at https://ir.dycomind.com for approximately 120 days following the event. 

About Dycom Industries, Inc.

Dycom is a leading provider of specialty contracting services throughout the United States.  These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers.  Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/dycom-industries-inc-to-host-fiscal-2022-second-quarter-results-conference-call-301363063.html

SOURCE Dycom Industries, Inc.

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Danaher To Webcast Investor And Analyst Meeting

PR Newswire

WASHINGTON, Aug. 25, 2021 /PRNewswire/ — Danaher Corporation (NYSE: DHR) will host a live video webcast of its Investor and Analyst Meeting on September 9, 2021 beginning at 12:00 p.m. ET. The virtual event will be hosted by Rainer M. Blair, President and CEO of Danaher. A link to the webcast and accompanying slide presentation will be available on the “Investors” section of Danaher’s website, www.danaher.com, under the subheading “Events & Presentations.” A replay of the video webcast will be available following the presentation. 

ABOUT DANAHER
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in the demanding and attractive health care, environmental and applied end-markets. With more than 20 operating companies, Danaher’s globally diverse team of approximately 69,000 associates is united by a common culture and operating system, the Danaher Business System, and its Shared Purpose, Helping Realize Life’s Potential. For more information, please visit www.danaher.com.

Cision View original content:https://www.prnewswire.com/news-releases/danaher-to-webcast-investor-and-analyst-meeting-301363050.html

SOURCE Danaher Corporation

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BancorpSouth Adds Six New HOPE Inside Locations and Commits Nearly $1.5 Million to Operation HOPE for Financial Literacy Programs

PR Newswire

ATLANTA, Aug. 25, 2021 /PRNewswire/ — Operation HOPE and BancorpSouth Bank (NYSE: BXS) are continuing their partnership with six additional HOPE Inside locations and the bank’s investment of nearly $1.5 million over the next two years.


HOPE Inside
 serves adults, youth, disaster survivors, and its partners’ employees with financial dignity programming and coaching to equip them with the financial knowledge and tools to create a secure future. Headquartered in Tupelo, Mississippi, BancorpSouth has a longstanding commitment to financial literacy and inclusion. Because of its shared values with Operation HOPE and its support of HOPE Inside, underserved communities will receive financial education free of charge.

“Our partnership with BancorpSouth has grown because they are equally as passionate about changing what financial literacy looks like in this country,” said John Hope Bryant, Founder and CEO of Operation HOPE. “Together, we are empowering the next generation of Americans, making them not just financially literate, but also financially confident.”


Operation HOPE
 welcomed BancorpSouth as a “HOPE Inside” partner in 2017 when BancorpSouth launched its first “HOPE Inside” location in Memphis. BancorpSouth will carry HOPE Inside into six additional communities, three of which focus on financial wellbeing, credit counseling and HUD-certified homebuyer counseling. The other four locations also offer programming for small business development and entrepreneurship.

“BancorpSouth is committed to expanding financial literacy, access and opportunities into previously underserved areas,” said BancorpSouth Chairman and CEO Dan Rollins. “Financial education helps communities and individuals prosper. We’re excited to continue our partnership with organizations like Operation HOPE.”

BancorpSouth’s seven HOPE Inside locations now include Dallas; Gulfport, Mississippi; Houston; Jackson, Mississippi; Jackson, Alabama; Memphis, Tennessee; and Pensacola, Florida.

About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately $28 billion in assets.  BancorpSouth operates approximately 315 full-service branch locations as well as additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Georgia, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.  BancorpSouth is committed to a culture of respect, diversity, and inclusion in both its workplace and communities. To learn more, visit our Community Commitment page at www.bancorpsouth.com; “Like” us on Facebook; follow us on Twitter and Instagram: @MyBXS; or connect with us through LinkedIn.

About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through its community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: www.OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook and Instagram.

Media Contacts
Antrenise Robinson, BancorpSouth
662-680-2038
[email protected]

Lalohni Campbell, Operation HOPE
404-593-7145
[email protected]

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SOURCE Operation HOPE, Inc.

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Mirati Therapeutics Clinical Research at ESMO Congress 2021 to Highlight Progress with Investigational Adagrasib and Sitravatinib in Patients with Lung and Colorectal Cancers

– Late-breaking colorectal cancer data from a cohort of the Phase 1/2 KRYSTAL-1 study to be featured in ESMO Presidential Symposium II; results to show potential of adagrasib monotherapy and in combination with cetuximab in patients with the KRASG12C mutation

– Updated results from the Phase 2 MRTX-500 study to highlight long-term survival with sitravatinib plus nivolumab in patients with advanced lung cancer who had disease progression following treatment with checkpoint inhibitors

PR Newswire

SAN DIEGO, Aug. 25, 2021 /PRNewswire/ — Mirati Therapeutics, Inc. (NASDAQ: MRTX), a clinical-stage targeted oncology company, today announced two oral presentations of clinical data will be presented at the upcoming European Society for Medical Oncology Congress (ESMO) 2021, reinforcing the clinical benefit of adagrasib, a KRASG12C inhibitor, and sitravatinib, a receptor tyrosine kinase inhibitor. The congress will take place virtually from September 16 to 21, 2021.

“Mirati continues to make important progress in demonstrating the clinical impact our investigational treatments may have on patient outcomes in lung and colorectal cancers,” said Charles M. Baum, M.D., Ph.D., president and chief executive officer, Mirati Therapeutics, Inc. “The data we are presenting at ESMO will show how adagrasib alone and in combination with cetuximab offer encouraging clinical activity in patients with KRASG12C-mutated colorectal cancer. In addition, updated survival data from our Phase 2 study evaluating sitravatinib with nivolumab supports the potential of this combination for patients with advanced lung cancer whose tumors are resistant to checkpoint inhibitors.”

Dr. Baum added, “We are investigating several combination approaches in our expanding pipeline with the goal of improving standards of care and the course of treatment for people with cancer. We are thankful to the investigators and patients, without whom our research would not be possible.”

Learn more about Mirati’s development of therapies that target the genetic and immunological drivers of cancers at Mirati.com/science.

Mirati studies at ESMO Congress 2021 include:

*All times noted are Central European Summer Time (CEST)

Presentation Title: KRYSTAL-1: Adagrasib (MRTX849) as Monotherapy or Combined with Cetuximab in Patients With Colorectal Cancer Harboring a KRASG12C Mutation
Author: Jared Weiss
Abstract Number:  LBA6
Session:  Presidential Symposium II
Presentation Date/Time: Sunday, September 19, 2021 at 15:47-16:02 CEST | Channel 1

Presentation Title: MRTX-500: Phase 2 Trial of Sitravatinib (Sitra) + Nivolumab (Nivo) in Patients (Pts) With Nonsquamous (NSQ) Non–Small-Cell Lung Cancer (NSCLC) Progressing on or After Prior Checkpoint Inhibitor (CPI) Therapy
Author: Ticiana A. Leal
Abstract Number: 1191O
Session: NSCLC Proffered Paper Session II
Presentation Date/Time: Monday, September 20, 2021 at 14:10-14:20 CEST | Channel 4

About Adagrasib (MRTX849)

Adagrasib is an investigational, highly selective, and potent oral small-molecule inhibitor of KRASG12C that is optimized to sustain target inhibition, an attribute that could be important to treat KRASG12C mutated cancers, as the KRASG12C protein regenerates every 24-48 hours. Studies of adagrasib have shown that the drug has a long half-life, extensive tissue distribution and is well tolerated. Adagrasib has also shown single-agent responses in non-small cell lung cancer (NSCLC), colorectal cancer, pancreatic cancer, and other solid tumors with KRASG12C mutations. Adagrasib is a being evaluated in several clinical trials in combination with other anti-cancer therapies with strong scientific rationale in patients with advanced solid tumors. Registration-enabling studies are ongoing in NSCLC and colorectal cancer. For more information visit Mirati.com/science.

About Sitravatinib

Sitravatinib is an investigational spectrum-selective kinase inhibitor that potently inhibits receptor tyrosine kinases (RTKs), including TAM family receptors (TYRO3, Axl, Mer), split family receptors (VEGFR2, KIT) and RET. Sitravatinib is being evaluated in combination with nivolumab (OPDIVO®), an anti-PD-1 checkpoint inhibitor, in patients whose cancers have progressed despite treatment with a checkpoint inhibitor. Sitravatinib’s potent inhibition of TAM and split family RTKs may overcome resistance to checkpoint inhibitor therapy through targeted reversal of an immunosuppressive tumor microenvironment, enhancing antigen-specific T cell response and expanding dendritic cell-dependent antigen presentation. Sitravatinib is being evaluated in multiple clinical trials to treat patients who are resistant to prior immune checkpoint inhibitor therapy and progressed on platinum doublet therapy, including the ongoing potentially registration-enabling Phase 3 trial of sitravatinib in combinations with a checkpoint inhibitor in non-small cell lung cancer (NSCLC). In addition, sitravatinib in combinations with checkpoint inhibitors are being evaluated in selected checkpoint inhibitor naïve patients.

About Mirati Therapeutics, Inc.

Mirati Therapeutics, Inc. is a clinical-stage biotechnology company whose mission is to discover, design and deliver breakthrough therapies to transform the lives of patients with cancer and their loved ones. The company is relentlessly focused on bringing forward therapies that address areas of high unmet need, including lung cancer, and advancing a pipeline of novel therapeutics targeting the genetic and immunological drivers of cancer. Mirati is using its scientific expertise to develop novel solutions in two registration-enabling programs: adagrasib (MRTX849), an investigational small molecule, potent and selective KRASG12C inhibitor, as monotherapy and in combination with other agents, and sitravatinib, an investigational spectrum-selective inhibitor of receptor tyrosine kinases in combination with checkpoint inhibitor therapies. Mirati is also advancing its differentiated preclinical portfolio, including MRTX1133, an investigational KRASG12D inhibitor, MRTX1719, an investigational PRMT5 inhibitor, and other oncology discovery programs. Unified for patients, Mirati’s vision is to unlock the science behind the promise of a life beyond cancer.

For more information about Mirati Therapeutics Inc., visit us at Mirati.com or follow us on Twitter and LinkedIn. 

Forward Looking Statements

This press release contains forward-looking statements regarding the business of Mirati Therapeutics, Inc. (“Mirati”). Any statement describing Mirati’s goals, expectations, financial or other projections, intentions or beliefs, development plans and the commercial potential of Mirati’s drug development pipeline, including without limitation adagrasib (MRTX849), sitravatinib, MRTX1719 and MRTX1133, is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to risks and uncertainties, particularly those challenges inherent in the process of discovering, developing and commercialization of new drug products that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs.

Mirati’s forward-looking statements also involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although Mirati’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by Mirati. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Mirati’s programs are described in additional detail in Mirati’s quarterly reports on Form 10-Q and annual reports on Form 10-K, which are on file with the U.S. Securities and Exchange Commission (the “SEC”) available at the SEC’s Internet site (www.sec.gov).These forward-looking statements are made as of the date of this press release, and Mirati assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.

Mirati Contacts

Investor Relations
Temre Johnson
(858) 332-3562
[email protected]

Media Relations
Priyanka Shah
(908) 447-6134
[email protected]

 

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SOURCE Mirati Therapeutics, Inc.